Matter Motor to Launch One Electric Bike Annually
Electric motorcycle manufacturer Matter Motor Works intends to introduce a new model annually over the next three years, aiming to boost its volume growth, according to Co-founder and Group COO Arun Pratap Singh.
The company, based in Ahmedabad, launched its geared electric bike AERA in the Delhi market on Thursday and plans to establish up to 60 dealerships nationwide this fiscal year, with most located in South India, Singh remarked.
"We have products in the pipeline, with at least one new launch each year. That's the outlook for the next three years," he stated when queried about the company's future offerings. He added that the firm is currently concentrating solely on electric motorcycles and is not considering electric scooters at this time.
Regarding the AERA model, he mentioned, "It took us nearly six years to develop the vehicle. Deliveries began last October.
" The company limited sales to the Ahmedabad region for the initial six months to gather consumer feedback and make "minor adjustments," he explained. "We are now expanding across India to commence deliveries," Singh expressed.
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On expanding the sales network, he noted, "We are in the process of ramping up. We aim to establish around 30 dealerships by August and plan to reach approximately 50 to 60 dealerships by the end of the financial year." He also mentioned, "In terms of distribution, we are significantly enhancing our presence in South India, with 20 of the 30 dealerships planned for the South."
Regarding sales targets, Singh indicated, "We aim to sell about 10,000 vehicles in the first year. In the second year, the target is around 50,000 to 60,000 vehicles, and beyond that, making projections becomes challenging."
The company’s manufacturing facility in Ahmedabad can produce 10,000 units monthly.
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In response to questions about funding, he revealed that the firm is utilizing the $ 80 million it has raised so far. When asked about supply issues concerning rare earth magnets, he mentioned that the company is currently in discussions with its partners in China to address the problem.